Sun May 12 2024, by Tyler Gardner
Effective Strategies to Make Your Child a Millionaire by 65 Without Giving Them a Million Dollars
Want your child to be a millionaire without having to actually give them a million bucks? Here's how it's done.
Investment Strategies
Deposit $2,000 into a brokerage account on the day that your child is born. Invest in low-cost index funds and never deposit another dime. You will have a million dollars by age 65.
Alternatively, deposit that same $2,000 into a brokerage account the day they're born. Then, continue to deposit $100 a month into that same account until they're 18. Have them take over the monthly contributions. They'll probably be a millionaire by age 45.
Early Work Experience
Another effective approach is to have your child start working for you at age 8. Pay them $200 a month for their work into a Roth IRA. By age 18, they'll have about $38,000, and a couple million dollars by age 65. And, they will hopefully know more about the value of a dollar earned.
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